For the 157-year-old multi-billion dollar Shapoorji Pallonji Group, the death of its youngest scion Cyrus Mistry in a tragic road accident is a double loss as that comes on the heels of the group patriarch's death in late June.

The nearly $30-billion diversified group, which owns 18.6 per cent in the $130-billion Tata Group, was founded by the late senior Pallonji Mistry (great grandfather of Cyrus) in 1865 as Littlewood Pallonji & Co.

Cyrus' father, Pallonji Mistry, who died on June 28, 2022, at the age of 93, is dubbed 'the Phantom of Bombay House'.

According to the Bloomberg billionaires index, the SP Group has a net worth of about $30 billion in 2022.

The Mistry's epic showdown after Cyrus Mistry was thrown out of the group as the chairman in a board coup in October 2016 with the Tata Group sparked the biggest corporate feud in the history of India Inc.

Under Cyrus' watch, the Tata Group (top-20 listed group companies) grew by a CAGR of 12.5 per cent, while their debt has increased at a slower pace of 9.98 per cent from ₹ 1.89 lakh crore to ₹ 2.29 lakh crore.

But during this period, the net profit zoomed at a CAGR of 42.3 per cent, indicating much more efficient operations under his tenure. He left the group with an overall turnover of over $100 billion, nearly doubling under his watch.

The SP Group's interest spans from engineering & construction under its flagship Afcons, real estate, consumer goods and solar power, from the last two it had exited recently as part of deleveraging. The group employs more than 50,000 people in more than 50 countries today.

Cyrus, 54, who died on the spot earlier in the day when his car lost control on the Mumbai-Ahmedabad highway, was the youngest son of Pallonji Mistry and left behind his wife Rohiqua and two sons, Firoz and Zahan.

Since he was appointed the chairman of the Tata Group in December 2012, Cyrus has not been into the operations of the family business, having entrusted it to his elder brother Shapoor Mistry.

Since late 2019, the group underwent more management changes, with Shapoor's son Pallon, 26, being inducted into the board of the group holding company, while daughter Tanya was handling the group's corporate social responsibility activities.
Source: NDTV
#CyrusMistry